Peter Olrog Schjøtt was born in 1833 to priest and politician Ole Hersted Schjøtt (1805–1848) and his wife Anna Jacobine, née Olrog, in Dybvaag where his father was stationed as vicar. He was named after his maternal grandfather Peter Olrog.[1] He was the brother of philologist Steinar Schjøtt, who was born Stener Johannes Stenersen Schjøtt, named after professor of theology Stener Johannes Stenersen, but later adhered to Landsmål and Norwegianized his name.[2]

An academic, Schjøtt was appointed acting lector in Greekphilology at the University of Christiania in May 1865. In January 1866 he was given a permantent position as lector, and in June the same year he was promoted to professor. He left in March 1888.[4]